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Published: Thursday 15 August, 2013

longchamp bags tote longchamp bags tote ´╗┐Garnauts burning the candle at both ends for the carbon tax

Poor old Ross Garnaut. Hes certainly burnt the candle at both ends to come up with his final recommendation for the carbon tax. Or, to put it into nonemission speak, hes certainly been burning the Philips EcoClassic 30 late into the night. Remember, this is not about the rhetoric. Its all about the politics. And the money. Plain and simple. The fact this revenue appears in the same year the federal government plans to be back into surplus is mere coincidence, of course. Leave that aside. Garnaut says the government should spend 55 percent of this $11.5 billion compensating lowerincome households. So of course the government will do that. After all, it goes to the polls in 2013 now Im really being a cynic. So 55 percent of $11.5 billion is $6.3 billion. Garnaut says that should go to people who earn less than $80,000 a year, which is most people. He says this should be distributed by increasing the taxfree threshold to $25,000. It is currently $6000. He also says there should be a mechanism created to make sure anybody earning more than $80,000 a year does not get the benefit of the lift in the taxfree threshold. So off to my trusty calculator and spreadsheet I went, to see how Garnaut and his merry men might have constructed this. A person who earns $25,000 a year a parttimer, presumably will find themselves $2850 better off. On their $25,000 income that equates to 11.4 percent of their salary. Now youd vote for that tax rate, wouldnt you? Yes, until you got your next electricity bill, that is. The next tax increase happens currently when you earn more than $35,000 a year when tax rates rise from 15 to 30 percent for every extra dollar earned. At this level a funny thing happens. The benefit for every taxpayer remains at $2850 a year because of the reduction in the $0 to $25,000 tax band to zero. So as you earn more, in percentage terms that $2850 is reducing. By the time you earn $79,000 a year important, because Garnaut says it will cease at $80,000 a year the impact on your wage is 3.6 percent. Its handy, but barely above a years inflation and nothing compared with your utilities bills. What happens next is disturbing. If you earn $79,000 a year under the Garnaut scheme you will pay $14,700 tax. But if you earn $1000 more, then you will pay $17,850 in tax. That extra $1000 income will cost you $3150 because Garnaut has decreed anybody who earns more than $80,000 a year does not need a hand with increased electricity bills, food bills, gas bills or transport bills. Ouch. The government is trying to sell the carbon tax as a great step forward in economic reform. But the problem it will discover is that if it starts tinkering with the tax scales, the inequities in our society and importantly the incentive to keep yourself in certain income bands will be increased not decreased. Yet the Australia we are supposed to work in supposedly rewards hard work. Im sure Prime Minister Julia Gillard has told us that. In other words the harder we work the more we should earn and the more the country will benefit. Id suggest a few accountants might be burning the candle at both ends shortly trying to keep their clients incomes below $80,000 a year.

Are my maths correct ?

If Australia cuts its emissions by the target 5%? will the unavoidable planned to be reduced to growth in emissions from China replace our cut in about 20 days ?

Hardly worth the effort then ??

Methane gas warms the world over 20x faster than CO2.

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1 kg of methane is equal to 23kg of CO2 gas so a single beef cow produces a bit more than 5,000 CO2equivalent kilograms of methane over its life and there are about 23 million cattle in Australia. So 115 million tonnes of emissions at $23 per tonne is $2.64 billion in taxes purely from our beef industry.

Livestock are responsible for 18 per cent of the greenhouse gases that cause global warming, more than cars, planes and all other forms of transport put together. You cant exempt one industry and tax others, it defeats the purpose of the tax entirely.

where do we start 2007 kevin 07 best thing since sliced bread populartly shoot sky high than white horse in shinging armer starting falling because he couldnt run a chook raffle than came famous crow never have carbon tax pulled all suckers in than dumped them only want their money honeybecause got country in such a bludy mess as labor always does sorry idiots that voted for them deserves all you are getting please remember next election and dont vote labor or gree longchamp bags tote ns

Ross Greenwoods comments on the proposed tax arrangements are based on the premise that the government will implement Garnauts proposed tax to the letter. This is unlikely.

What is more likely is that there will be a phasing in of the extra $2850 over a range, possibly on incomes between, say, $70000 and $90000. This will lead to a higher marginal rate but not the sudden slug he suggests.

Ross you are barking up the wrong tree in surmising something that is unlikely to happen in the way you think. It does encourage the scaremongering though.

Hello Ross would you be able to tell me if there is going to be another stock market crash,we lost a lot of our super in the last one we cant afford another crash. I am in two minds to get out what i have left. Would appreciate some advice. Kind Regards Elaine Fulcher.

Unfortunately there are many Australians who have become ETS Carbon Tax supporters by listening to the strident unsupported claims of the alarmists. The FACT is that if Australia reduced carbon emmissions to zero patently impossible, it would have ALMOST ZERO EFFECT on carbon emmissions on this planet. Australians should be making all efforts to reduce our impact on the planet, but its ludicrous to lead the way on ETS CT. The ONLY sensible course of action is to wait until the Big 3 have introduced and debugged an ETS and then and only then FOLLOW a proven path. The end of democracy arrives when the voters realise that they can vote themselves benefits without regard for costs. The end is nigh!

IF Climate Change is at a crisis EVERYTHING you do is aimed at attacking the problem not depending on ONE solution a new tax. The ETS is market driven tax and will have about as much influence in reducing climate change as other financial derivatives had in saving the world from a financial crises.

IF climate change is driven by HUMAN ACTIVITY then why isnt ONE of the tactics to reduce population. To lower emissions to 1990 levels reducing your population to what it was in 1990 should help. Our Government and everywhere else in the world except China is actively promoting population growth.

Where is the concerted move to better public transport especially rail?

Where is the concerted effort to improve city design instead of covering our best land with concrete and buildings converting forests and streams to artifical stoney deserts. This has an impact on climate just as much as carbon emissions.

The debate ONLY revolves around CARBON. Why? MONEY.

Geoff from Melbourne, has got it in one the warning signs have been around for decades. So forget the Tax, lets spend our money ans have a great time.

First it was tarrif reductions, now a carbon tax, what else can our polititions do to bolster ofshore jobs.

< longchamp bags tote br />Well, we get what we pay for. They were voted in so stop whinging. The unfortunate thing is by the time the next election comes around all the idiots that voted them in will be swayed again by refunds from the tax. boofheads.

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